Board of Directors

Terrance R. Ahern is a Co-Founder and Principal of The Townsend Group, an institutional real asset advisory firm formed in 1986. The Townsend Group consults or advises domestic and offshore public and private pension plans, endowments and foundations, sovereign wealth funds and multi-manager funds. Mr. Ahern is a past member of the Board of Directors of the Pension Real Estate Association, or PREA, and the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. Prior to founding The Townsend Group, Mr. Ahern was engaged in the private practice of law.

Daniel B. Hurwitz is the President & Chief Executive Officer of DDR, a position he assumed on January 1, 2010. He had served as President & Chief Operating Officer of the Company from May 2007 through December 2009, as Senior Executive Vice President and Chief Investment Officer from May 2005 to May 2007, and as Executive Vice President from June 1999 through April 2005. Mr. Hurwitz joined the Company's Board of Directors in June 2009, and previously served on the board from May 2002 to May 2004.

Mr. Hurwitz is responsible for developing, refining and executing DDR's corporate strategy, policies, goals and objectives. This role is accountable for company performance and reports to the Board of Directors. Also, he is a member of the Company's executive, management and investment committees.

Prior to joining DDR, Mr. Hurwitz served as Senior Vice President and Director of Real Estate and Corporate Development for Boscov's Department Store, Inc. Prior to Boscov's, Mr. Hurwitz served as Development Director for the Shopco Group, a New York City-based developer and acquirer of regional and super regional shopping malls.

Mr. Hurwitz is a graduate of Colgate University and the Wharton School of Business Management Program at the University of Pennsylvania. He is a frequent speaker at real estate industry functions, including the International Council of Shopping Centers (ICSC), Urban Land Institute (ULI), and National Association of Real Estate Investment Trusts (NAREIT).

Professionally, Mr. Hurwitz is a member of the Sonae Sierra Brasil board of directors, a member of ICSC, a member of the ICSC Board of Trustees Executive Committee and a member of the ICSC Political Action and Government Relations Committees. He is also a member of the NAREIT Board of Governors.

Additionally, Mr. Hurwitz is a member of the Colgate University Board of Trustees, a member of the Board of Trustees of Hawken School, a member of the Leadership Council for the Neurological Institute at the Cleveland Clinic, and a member of the Board of Directors of the Rock and Roll Hall of Fame.

He has also served as Vice Chairman of the Urban Land Institute CRC Blue Council, co-chair of the ICSC Open Air Committee, a member of the Board of Regents for the University System of Ohio, the Board of Directors of the Colgate University Alumni Corporation and Colgate University Maroon Council, CubeSmart (NYSE: CUBE), Boscov's Department Store, Inc., The Network, Applewood Centers and the Cleveland Children's Museum.

James C. Boland served as President and Chief Executive Officer of Cavs/Gund Arena Company, the Cleveland Cavaliers professional basketball team and Gund Arena, from January 1998 to January 2003 and Vice Chairman of the Cavaliers Operating Company, LLC (formerly known as Cavs/Gund Arena Company) from January 2003 to June 2007. Prior to his time with the Cavaliers, Mr. Boland was a partner of Ernst & Young LLP for 22 years serving in various roles including Vice Chairman and Regional Managing Partner as well as a member of the firm's Management Committee from 1988 to 1996 and as Vice Chairman of National Accounts from 1997 until his retirement from the firm in 1998. Mr. Boland is also a Director of The Sherwin-Williams Company, The Goodyear Tire & Rubber Company and Invacare Corporation, and was a Director, from 2004 to 2005, of International Steel Group. He is also a Trustee of Bluecoats, Inc. and The Harvard Business School Club of Cleveland.

Thomas Finne is the Managing Director of KG CURA Vermo¨gensverwaltung G.m.b.H. & Co., a commercial real estate company located in Hamburg, Germany, that manages assets in North America and Europe. Prior to joining KG CURA Vermo¨gensverwaltung G.m.b.H. & Co. in 1992, Dr. Finne was responsible for controlling, budgeting, accounting and finance for Bernhard Schulte KG, a ship owner and ship manager located in Hamburg, Germany. He is currently serving as a Managing Director of C.J. VOGEL Aktiengesellschaft fu¨r Beteiligungen. Dr. Finne graduated with an undergraduate degree in business administration and received his doctorate from the International Tax Institute at the University of Hamburg.

Robert H. Gidel has been the Managing Member of Liberty Partners, LLC, a company that invests in both private and publicly traded real estate and finance focused operating companies, since 1998. Mr. Gidel was President of Ginn Development Company, LLC, one of the largest privately held developers of resort communities and private clubs in the Southeast, from July 2007 until April 2009. Mr. Gidel was Chairman of the Board of Directors of LNR Property Holdings, a private multi-asset real estate company, from 2005 until 2007. Until January 2007, he was a member of the Board of Directors and lead director of Global Signal Inc., a real estate investment trust, which we refer to as a REIT. He has been a trustee of Fortress Registered Investment Trust and a director of Fortress Investment Fund II, LLC since 1999, both of which are registered investment companies. From 1998 until 2005, Mr. Gidel was the independent member of the investment committee of the Lone Star Funds I, II, III, IV and V. Mr. Gidel was also a member of the Board of Directors of U.S. Restaurant Properties, Inc. until 2005 and a member of the Board of Directors of American Industrial Properties REIT until 2001.

Volker Kraft is a Managing Director of ECE Real Estate Partners G.m.b.H., the institutional real estate fund management platform of ECE Projektmanagement G.m.b.H. & Co. KG, a fully integrated international developer, owner and manager of shopping centers based in Hamburg, Germany. Prior to joining ECE in 2008, Dr. Kraft was a Director of Allianz Capital Partners G.m.b.H., a private equity firm located in Munich, Germany, where he was a member of the management team and the internal investment committee since 2001. During that time, Dr. Kraft served as a member of the Advisory Board and Shareholders' Committee of Bartec G.m.b.H., Bad Mergentheim, an electronic components company, and as a member of the Supervisory Board of Scandlines AG, Rostock, a ferry services company.

Rebecca L. Maccardini is a principal at RMResources, LLC, a retail real estate consulting firm with diverse areas of expertise including property redevelopment, center development and positioning strategies, consumer marketing strategies, operational and systems evaluation, and communications effectiveness and corporate branding. Ms. Maccardini is a 35-year veteran of the shopping center industry. She began her career at the Ohio-based Casto organization and spent over twenty years at The Forbes Company where she served as Vice President of Operations with responsibility for all retail holdings. Ms. Maccardini is an active member of the International Council of Shopping Centers (ICSC). In 1980 she became the first woman to serve as an ICSC trustee, and from 1993-1994 she served as the organization's first female Chairperson. She is a permanent, non-voting trustee and also serves on the Fusion and Open Air Conference committees. Ms. Maccardini is a cum laude graduate and holds a bachelor of science degree from Ohio University.

Victor B. MacFarlane is Managing Principal, Chairman and Chief Executive Officer of MacFarlane Partners, which he founded in 1987 to provide real estate investment management services to institutional investors. Mr. MacFarlane has more than 30 years of real estate experience. He sits on the Boards of Directors of the Robert Toigo Foundation, the Real Estate Executive Council and the Initiative for a Competitive Inner City. He also serves on the Board of Advisors for UCLA School of Law and the board facilities committee of Stanford Hospital & Clinics. He is a member and trustee of ULI; a member and former director of PREA; and a member of ICSC, the Chief Executives Organization and the World Presidents' Organization.

Craig Macnab has served as the Chief Executive Officer and a Director of National Retail Properties, Inc., a publicly traded REIT, since February 2004 and as Chairman of the Board since February 2008. Mr. Macnab was the Chief Executive Officer, President and a Director of JDN Realty Corporation from 2000 to 2003, when DDR acquired JDN Realty Corporation. Mr. Macnab is currently a director of the Cadillac Fairview Corporation in Toronto, which is one of North America's largest owners of commercial real estate. Mr. Macnab was a director of Per-Se Technologies, Inc., now McKesson Corporation, from 2002 to 2007. He was also a Director of Eclipsys Corporation, a provider of clinical and financial software to the healthcare industry, prior to its merger with Allscripts in 2010. Mr. Macnab is a member of the Board of Governors of NAREIT.

Scott D. Roulston is Partner of Burdette Capital Management, a private equity firm; and Managing Director of its alternative asset management company, Burdette Asset Management, as of 2011. From 1990 to 2010, he was Chief Executive Officer of Roulston & Company, a firm that provided investment research and management and its successor firm, Fairport Asset Management. He is Director and President of Bluecoats, Inc., and a Director of Policy Bridge. He is a former director of Defiance, Inc. (NASDAQ) where he served as chair of the Compensation Committee and member of the Audit Committee. He also has served on the advisory boards for Charles Schwab Institutional and TIAA-CREF, and the Weatherhead School of Management at Case Western Reserve University. Mr. Roulston is a graduate of Dartmouth College.

Barry A. Sholem became a partner of MSD Capital, L.P., the family office of Michael and Susan Dell, and head of its real estate fund in July 2004. From 1995 until August 2000, Mr. Sholem was Chairman of DLJ Real Estate Capital Partners, a $2 billion real estate fund that he co-founded and that invested in a broad range of real estate-related assets, and a managing director at Credit Suisse First Boston. Prior to forming DLJ Real Estate Capital Partners, Mr. Sholem spent ten years at Goldman Sachs in its New York and Los Angeles offices. Mr. Sholem is currently active in ULI (CRC Silver Council), ICSC, the University of California, Berkeley Real Estate Advisory Board and the Business Roundtable.